Use this lousy economy to make your brand dominant!

It’s time to re-think how we approach marketing.
How we get things done.
How we talk to our consumer.
How we demonstrate value.
How we are different.
How we will succeed.

The spillover from the sub-prime mortgage crisis is weakening both consumer confidence and consumer spending. But that doesn’t mean people have stopped buying things altogether. It just means that it is more important than ever to know how your consumers are redefining value and responding to the new realities of this economy.

Okay, so you don't need the Smith On Branding Blog to tell you how screwed up the economy is, but maybe Smith on branding can offer a little perspective.

During slow economic times, many companies reduce what they consider non-critical expenditures. Unfortunately, one of the cuts is often advertising. Cutting advertising to weather difficult economic times is like bloodletting to cure a sick patient. And it's about as short-sighted as the "instant gratification, let's get rich today, hell with tomorrow" attitude that has prevailed on Wall Street. We've all heard many times that numerous studies over the years have shown that maintaining or increasing advertising during tough times yields greater results than advertising during the good times.

During a recession, advertising activity generally declines, which means that for advertisers who can maintain or increase their advertising investment, the impact of their advertising is much greater. Clutter is reduced. Your message stands out. Think of Warren Buffett snapping up under-priced stocks in a down market.

In a recession, rather than making deep, arbitrary cuts, adjust your strategies for maximum competitive advantage. That creates opportunity. For advertisers, it’s an opportunity to inject a new perspective into their programs. For consultants like me, it’s an opportunity to strike up a relationship that is brimming with potential profitability and shared success. So instead of discussing where to cut spending, think about how you can use this lousy economy to make your brand dominant!